Aug. 22, 2016 By Hannah Wulkan
Sales have officially begun on the new luxury condominium building The Monarch, marketed by Modern Spaces real estate firm.
The building will be completed this summer, with occupancy beginning in the fall.
The new 21,000 square-foot building, located at 47-05 5th Street in Hunter’s Point is one of the few developments with units for sale that was built under the 421a tax code, benefiting the buyers with a 15-year tax abatement program, under which homeowners are exempt from future property tax increases.
The building offers 21 units, including one-, two-, and three-bedroom options, with the lowest price beginning at $700,000.
“The Monarch is centrally located to everything that’s great about Long Island City. Desirable public spaces like a waterfront park are steps from the development, while conveniences like Duane Reade and Food Cellar are either directly across the street or less than a block away,” CEO and Founder of Modern Spaces Eric Benaim said in a statement.
“In a historic section of Hunters Point, The Monarch is also one of few developments built under 421a, giving buyers a considerable perk in the form of exceptionally low monthly taxes.”
Each unit has wood flooring and nine-foot ceilings. The building also has a children’s playroom, a gym, and a virtual doorman.
The Monarch is located about four blocks from the Vernon Blvd/Jackson Ave 7 train stop, and about two blocks from Gantry Plaza State Park and the waterfront.